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Local Ethereum, a newsletter that covers the geo-story of the major blockchain network, released an ecosystem map outlining the current state of Ethereum adoption, infrastructure, and community development in the Philippines.
The report noted that the current industry is positioning the country as a regional hub for web3 gaming, remittances, and blockchain-based financial services.
Access the report here.
PH Ethereum Ecosystem Map
Regulated exchanges and wallets such as Coins.ph, GCash, Maya, PDAX, and GoTyme Bank are the primary fiat on- and off-ramps for Filipino users, according to the ecosystem map. It noted that these platforms serve as the backbone of local crypto activity amid a continuing moratorium on new virtual asset service provider (VASP) licenses from the Bangko Sentral ng Pilipinas (BSP).
According to Local Ethereum, the map also documents increasing government and enterprise use of Ethereum and EVM-compatible networks.
- The Department of Budget and Management’s use of Polygon to secure budget documents.
- Bureau of the Treasury’s issuance of tokenized government bonds accessible through digital wallets and exchanges PDAX and GCash.
In addition, stablecoins and Ethereum-based infrastructure are identified as key growth areas, particularly for the nearly half of Filipinos who remain unbanked. While off-ramp costs remain a challenge, the ecosystem continues to mature through regulated exchanges, web3 gaming infrastructure, and community education, hackathon and project initiatives primarily by ETH Philippines. This points to further opportunities in decentralized finance and real-world asset tokenization.
The report also noted that web3 gaming and community infrastructure form a major segment of the map. Filipino-led organizations such as Yield Guild Games (YGG) and Sovrun are identified as key contributors to global web3 gaming, alongside developer communities and Layer 2 networks supporting Ethereum education and tooling across major regions in the country.
“While retail users are heavily into crypto trading and web3 games, there are massive untapped opportunities to Ethereum-based DeFi, real-world assets (RWA), and stablecoin infrastructure, especially for the still 49.8% unbanked population.”
The Philippines Ethereum Ecosystem Overview
The ecosystem map further outlines startups building payments, DeFi, identity, and credentialing solutions, as well as education initiatives and grassroots communities working to address the country’s blockchain developer gap.
Local Ethereum said the ecosystem map reflects both the scale of crypto adoption in the Philippines and the structural challenges facing the sector, including regulatory uncertainty, high off-ramp costs, and limited local venture funding. Despite these constraints, the report shows a maturing Ethereum ecosystem supported by strong retail usage, active communities, and increasing institutional experimentation.
Access the report here.
Web3 Adoption in PH
The report highlighted that the Philippines continues to rank among the world’s leading markets for cryptocurrency adoption, with more than 12 million users in 2025, driven by remittances, digital payments, and financial access rather than speculation.
According to the overview, play-to-earn gaming, led by Axie Infinity, served as the country’s first mass web3 on-ramp and established lasting crypto literacy despite the decline in P2E hype.
Conversely, the report also attributed adoption to structural factors, including the country’s large overseas workforce driving remittance demand, high smartphone penetration, and a significant unbanked population with limited access to traditional financial services.
The report cited global benchmarks showing the Philippines remains among the world’s leading crypto markets. The country ranked ninth in the 2025 Chainalysis Global Crypto Adoption Index and fourth in TRM Labs’ Country Crypto Adoption Index, with crypto engagement estimated at more than 12 million users. Local Ethereum noted that the domestic crypto market continues to expand alongside rising digital payment usage.
On the other hand, the Philippines’ crypto regulatory environment remains mixed, with early oversight from the BSP contrasted by ongoing uncertainty. They emphasized that while crypto is not banned, it is not fully legitimized, as reflected in the BSP’s continued moratorium on new virtual asset service provider licenses and recent Securities and Exchange Commission actions blocking and delisting major offshore exchanges.
- The report added that nearly half of government bondholders now hold tokenized instruments, and that regulators are also testing real estate tokenization through sandbox initiatives.
- The report pointed out that several bills have also been filed in the 20th Congress to address digital asset regulation, blockchain-based transparency, and stablecoin infrastructure, but there is still no clear framework for DeFi, DAOs, or real-world asset tokenization.
- Oversight of the sector is shared among multiple agencies, including the BSP, SEC, Anti-Money Laundering Council, National Privacy Commission, Department of Information and Communications Technology, and the Department of Science and Technology.
Access the report here.
This article is published on BitPinas: Local Ethereum Maps Philippine Ethereum Ecosystem as Adoption and Infrastructure Expand
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